PIF-owned SRC signs $266mn refinancing deal with SNB

PIF-owned SRC signs $266mn refinancing deal with SNB

Saudi Real Estate Refinance Company (SRC), a wholly-owned subsidiary of the Public Investment Fund (PIF), will sell a $266.6 million real estate financing portfolio with Saudi National Bank (SNB).

The agreement between the SRC and SNB, the largest bank refinancing in the Kingdom, was signed by Mr. Fabrice Susini, CEO of SRC, and Mr. Majed Al Ghamdi, Chief Executive Officer of Retail at SNB, in the presence of HE Majid bin Abdullah Al Hogail, Minister of Municipal and Rural Affairs and Housing and Mr. Ammar Alkhudairy, Chairman of SNB.

The agreement aims to refinance the portfolio to provide long-term liquidity to the Saudi home finance market and facilitate risk management in the sector.

Mr. Fabrice Susini, CEO of SRC stated that, in line with the goals of the Vision 2030 Housing Program, the company continues to expand its partnership with subsidiaries to increase its homeownership rate to 70 percent by 2030, by providing better innovative financial solutions and increasing the contribution of the home finance sector to GDP by supporting the home financing market and the originators.

Mr. Susini further added that the agreement signed with SNB is the largest housing refinancing agreement in the banking sector, a testament to the company’s support for